Capital structure determinants of Chinese small-and medium sized enterprises

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dc.contributor.advisorBurzynska, K.
dc.contributor.authorRozendal, Gerben
dc.date.issued2020-07-03
dc.description.abstractThis study explores the firm-specific determinants of Chinese SMEs’ capital structure while taking into account possible moderating effects of state ownership and firm location. Capital structure is measured with the total leverage of a firm divided by its total assets. The data cover 1.670 SMEs and are based on China’s classification standards for SMEs during the years 2012-2017. The profitability and tangibility of a Chinese SME have a negative effect on leverage. In contrast, the revenue growth and firm size of a Chinese SME have a positive effect on leverage. These findings are in line with the pecking order theory except for tangibility due to the matching principle of assets and debt. State ownership, however, moderates the effect of tangibility and revenue growth on leverage. Whereas, Chinese SMEs located in east China only moderates the effect of tangibility on leverage. Direct influence of state ownership and firm location on leverage is not found. Traditional firm-specific determinants thus have influence on the capital structure of Chinese SMEs, but however are partly influenced by legal and institutional characteristics.en_US
dc.embargo.lift10000-01-01
dc.embargo.typePermanent embargoen_US
dc.identifier.urihttps://theses.ubn.ru.nl/handle/123456789/10159
dc.language.isoenen_US
dc.thesis.facultyFaculteit der Managementwetenschappenen_US
dc.thesis.specialisationCorporate Finance & Controlen_US
dc.thesis.studyprogrammeMaster Economicsen_US
dc.thesis.typeMasteren_US
dc.titleCapital structure determinants of Chinese small-and medium sized enterprisesen_US
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